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Lindenhurst, Illinois: Rising Home Values and Shifting Ownership Trends in a Suburban Village
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Lindenhurst, located in Illinois, is a suburban community known for its picturesque lakeside setting and family-friendly atmosphere. Over the past decade, this village has experienced notable shifts in homeownership rates and housing market dynamics. The overall trend shows a slight decrease in homeownership, while average home prices and average rent prices have generally increased.
The homeownership rate in Lindenhurst has seen a gradual decline from 89% in 2013 to 83% in 2022. This trend correlates with the rise in average home prices, which increased from $174,699 in 2013 to $284,356 in 2022, representing a substantial 62.8% increase over nine years. The most significant annual jump in average home prices occurred between 2020 and 2021, with a 13.3% increase from $223,017 to $252,631. This sharp rise coincided with a period of historically low federal interest rates, which dropped from 0.38% in 2020 to 0.08% in 2021, potentially stimulating home buying activity despite rising prices.
The relationship between federal interest rates and homeownership rates in Lindenhurst demonstrates some interesting patterns. As interest rates remained low from 2013 to 2020, ranging between 0.09% and 0.40%, the homeownership rate experienced a modest decline from 89% to 85%. This suggests that while low interest rates typically encourage homeownership, other factors such as rising home prices may have counteracted this effect to some extent in Lindenhurst.
The percentage of renters in Lindenhurst has increased from 11% in 2013 to 17% in 2022, mirroring the decline in homeownership. During this period, average rent prices also saw an upward trend, rising from $1,537 in 2013 to $1,729 in 2022, an increase of 12.5%. The most significant annual increase in average rent occurred between 2016 and 2017, jumping from $1,626 to $1,719, a 5.7% rise. This trend of increasing rents and a growing renter population suggests a shifting housing market dynamic in the village, possibly driven by factors such as changing demographics or economic conditions.
Looking at the most recent data, average home prices in Lindenhurst continued to rise, reaching $297,935 in 2023 and $309,486 in 2024. This represents a 4.8% and 3.9% year-over-year increase, respectively. Concurrently, federal interest rates have also increased significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and housing affordability in the village.
Applying predictive models to forecast 5-year trends, we can anticipate that average home prices in Lindenhurst may continue to rise, potentially reaching around $350,000 by 2029. However, the rate of increase might moderate due to higher interest rates. Average rent prices are also expected to continue their upward trajectory, potentially surpassing $1,900 by 2029, assuming current trends persist.
In summary, Lindenhurst has experienced a gradual shift towards a higher percentage of renters over the past decade, coinciding with substantial increases in both average home prices and average rent prices. The relationship between federal interest rates and homeownership rates has been complex, with recent increases in interest rates potentially influencing future housing market dynamics. As the village moves forward, these trends suggest a changing landscape in housing affordability and occupancy patterns, which may have significant implications for the community's demographic composition and economic development.
